Life is always changing, that’s why its exciting!

If you’ve had a home loan for some time, chances are its been with you during at least one major change of circumstances. Having or growing your family, getting a new job, a promotion, getting married. Equally, you might be near the end of a fixed rate term or interest only period so now is a great time to find out what your options are. All of these things can add up to major changes that your home loan may no longer be the ideal fit for.

If you purchased in an area that has experienced an upward trend in property values while you’ve been paying down your mortgage, or put a lot of work into your property, you could be sitting on equity.

Equity is calculated by subtracting the remainder of your mortgage from the market value of your home, usually done through a home evaluation.

You could also draw down on your equity to help fund a renovation or upgrade your home. And, if you want to, you could use your equity to help purchase an investment property.